Asian stocks rose yesterday on hopes for the global economy, with Taiwan shares hitting a near seven-month closing high.
But trade was thinned with many Asian centres still out for the long Easter holiday weekend, and shares were largely directionless as investors waited for US bank results due out this week and the resulting reaction of stock markets.
Hopes that the global economy may be over the worst, particularly after a robust rise in Chinese loan data released at the weekend, meant sentiment remained largely positive.
China's central bank data on Saturday showed banks lent a record amount of new local currency loans, the latest sign that the economy is gaining steam, and helped send Chinese stocks up more than three per cent in heavy trade.
Japan's Nikkei 225 Stock Average lost 0.4 per cent, while the broader Topix index added 0.4 per cent. Indonesia's Jakarta Composite Index surged 4.4 per cent, and China's Shanghai Composite Index added 2.8 per cent to the highest since August 20.
Markets in Hong Kong, Australia and New Zealand were closed yesterday.
Taiwan stocks were higher by property shares such as Cathay Real Estate climbing after parliament approved a special spending budget. Seoul shares rose on automaker gains after the government said it would inject money to support the car industry through the global downturn.
The Korea Composite Stock Price Index (Kospi) closed up 0.2 per cent at 1,338.16, while Taiwan's main Taiex share index gained 1.3 per cent to 5,857.64.
The MSCI Asia Pacific Index climbed 0.2 per cent to 88.18, the highest since Jan. 12, and bringing its three-day advance to four per cent.
Haseko Corp surged 16 per cent to 73 yen in Tokyo on speculation tax breaks in Japan's stimulus plan will benefit the condominium builder.
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